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US Mortgage Rates Slip to 6.66%, First Drop in Seven Weeks

  • Home-loan costs still near a 15-year high, squeezing buyers
  • Fed interest-rate hikes have chilled once-hot housing market
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Mortgage rates in the US fell, shifting direction after a six-week streak of gains that sent borrowing costs to a 15-year high.

As benchmark Treasury yields eased this week, the average for a 30-year, fixed loan dropped to 6.66%, Freddie Mac said in a statement Thursday. A week earlier, rates reached 6.7%, the highest point since 2007.